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Thread: Swiss drop US Senate trip to protest UBS treatment: report

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    Swiss drop US Senate trip to protest UBS treatment: report

    Swiss drop US Senate trip to protest UBS treatment: report


    GENEVA (AFP) – Switzerland has cancelled an appearance before a US Senate sub-committee to protest US government treatment of its biggest bank, UBS, over tax fraud claims, the ATS news agency reported Sunday.

    "The Swiss government regrets that the US Department of Justice has threatened UBS with unilateral measures despite the cooperation of the bank and the Swiss authorities," ATS reported, citing a letter sent to the US Senate.
    On Wednesday, UBS, Switzerland's biggest bank, reached a settlement with US authorities in which it admitted to US tax fraud and agreed to pay 780 million dollars. It was also ordered to hand over details of 250 to 300 US clients.

    However, the US Justice Department then launched a separate lawsuit to force UBS to name another 52,000 US customers who allegedly evaded taxes.
    We need some serious tax reform beyond just rates and new progressive tables.

    We need to get away from direct income taxation.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    So, the Swiss government supports the hiding of assets to enable illegal activities. Gee ... who would have guessed.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by ludahai View Post
    So, the Swiss government supports the hiding of assets to enable illegal activities. Gee ... who would have guessed.
    It shouldn't be public information what assets one has. I don't care how illegal it is perceived to be.

    It is non of governments business.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by Harry Guerrilla View Post
    It shouldn't be public information what assets one has. I don't care how illegal it is perceived to be.

    It is non of governments business.
    I don't disagree with you on the taxation. The tax structure needs to be changed. However, at this point, this is how people are taxed. If people are HIDING assets that are otherwise taxable, this is illegal and the Swiss government is enabling the commission of illegal activity.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by ludahai View Post
    I don't disagree with you on the taxation. The tax structure needs to be changed. However, at this point, this is how people are taxed. If people are HIDING assets that are otherwise taxable, this is illegal and the Swiss government is enabling the commission of illegal activity.
    I depends on how those assets are earned.

    If for instance the money is earned outside the country and used outside the country then the U.S. has no claim to those resources.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by Harry Guerrilla View Post
    I depends on how those assets are earned.

    If for instance the money is earned outside the country and used outside the country then the U.S. has no claim to those resources.
    U.S. citizens who make a certain amount outside the country are liable to pay income tax on that income.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by ludahai View Post
    U.S. citizens who make a certain amount outside the country are liable to pay income tax on that income.
    True but only if they bring those inside the United States. Otherwise how can the government lay claim to any taxes.

    I know I'm arguing opinion but I get all giddy when I see people stand up to functional corruption. At least that is how I perceive it.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by Harry Guerrilla View Post
    True but only if they bring those inside the United States. Otherwise how can the government lay claim to any taxes.

    I know I'm arguing opinion but I get all giddy when I see people stand up to functional corruption. At least that is how I perceive it.
    Actually, that is not true. Any income made by an American anywhere in the world is considered taxable, though there is a considerable exemption - something like $80,000 the last I checked.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by ludahai View Post
    Actually, that is not true. Any income made by an American anywhere in the world is considered taxable, though there is a considerable exemption - something like $80,000 the last I checked.
    I understand but realistically how can they claim those taxes if the person making the money isn't using any services of the United States.

    The person in question is outside the sovereignty of the U.S.

    It defies reason to me.
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    Re: Swiss drop US Senate trip to protest UBS treatment: report

    Quote Originally Posted by Harry Guerrilla View Post
    I understand but realistically how can they claim those taxes if the person making the money isn't using any services of the United States.

    The person in question is outside the sovereignty of the U.S.

    It defies reason to me.
    I don't disagree. However, US law needs to change. As for using services, actually U.S. citizens abroad often do use various services, beginning with services offerred at the embassy/consulates/representative offices, though there are user fees for a good number of those.
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